MIDDLE CLASS TAX CUT AND JOB CREATION PLAN

 

Fact Sheet: Changes to tax rates for each tax bracket


 


The Middle Class Tax Cut and Job Creation Plan:


• Decreases the tax rate from 6.85 percent to 6.45 percent on the following incomes:
o Married – Incomes between $40,000 and $150,000
o Single – Incomes between $20,000 and $75,000
o Head of Household – Between $30,000 and $100,000


• Decreases the tax rate from 6.85 percent to 6.65 percent on the following incomes:
o Married – Incomes between $150,000 and $300,000
o Single – Incomes between $75,000 and $200,000
o Head of Household – Incomes between $100,000 and $250,000


• Eliminates the surcharge, decreasing the top tax rates of 7.85 and 8.97 percent to 6.85 percent, the pre-surcharge level, on the following incomes:
o Married – Incomes between $300,000 and $2,000,000
o Single – Incomes between $200,000 and $1,000,000
o Head of Household – Between $250,000 and $1,500,000


• Lowers the tax rate to 8.82 percent on incomes over $1 million, $1.5 million, and $2 million for single, head of household, and married filers, respectively.